Statistically, The New Baseline
In our business, trades (closings) usually happen at the end of the month. The time between when a buyer and seller agree on terms (offer accepted) and when it trades is often 6-8 weeks.
This timeline is important to know because the trades that happened in March 2020 had offers accepted, on average, 6-8 weeks sooner. That’s well before our current living conditions changed.
The chart is an all inclusive look at houses and condos in Rockport, Gloucester, Manchester, Essex and Beverly that traded in March 2019 vs March 2020.
- With the exception of the number of house trades, the March ’19 to March ’20 market was pretty steady.
- The house trades are down probably due to circumstances that have effected current lending practices: some buyers were simply unable to get financing and close.
- April numbers will tell a very different story.
- If you’re planning to sell, organize and clean out your home.
- If you’re planning to buy, learn the current inventory. Homes on the market now will likely still be there when this passes.
Either way, sit back, hold on and be patient for at least another month. If we stay home now, our current circumstances will pass sooner rather than later.